A must read.
The Homeowners Loan Act of 1933 need to be revised and updated today. The loan act in 1933 was to refinance home mortgages that were in default or at risk of foreclosure due to the 1929 crash and the collapse of the housing industry. Sounds familiar to what happen in 2008? By the way, by 1934, about one in five mortgages in America were owned by the corporation. And how many loans today are owned by the government? About 60%. About 20% of the loans in this country are owned by the banks.
It’s time to start helping the people, and stop helping Wall Street.
According to an agreement announced earlier today, big bank Citigroup will pay $7 billion to settle a Department of Justice investigation into that bank’s involvement with risky subprime mortgages.
The agreement stems from Citigroup’s role in the trading of subprime mortgage securities, which helped to cause the…
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